Cooling Off Period Extended

New EU Regulations come into force on 13th June which changes considerably clients rights to cancel contracts entered into with agents from that date. The Consumer Protection (Distance Selling) Regulations and the Cancellation of Contracts made in a Consumer’s Home or Place of Work Regulations 2008 will no longer apply and consumers MUST be provided with a 14-day cooling off period when they enter into ‘off-premises’ contracts with sales or lettings agents.

The changes are not as simple as just changing 7 days to 14 days. For example, unless contracts are worded correctly agents will breach the Regulations if they begin marketing within the 14 days.

This is significant and all agents should ensure their contracts are updated and contain appropriate wording. Where agents want to begin immediate marketing they will require the agreement and signature of the client and again have the correct wording in contracts, because if they don’t, they may find themselves finding a buyer quickly, but not being able to obtain a fee, because the client cancelled within the 14 days. This is particularly significant in the current improving market.

Further advice on the changes can be obtained by clicking here.

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